| Discussion Forum: Thread 340073 |
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| | | Author: | ABakersBrick  | | Posted: | May 20, 2023 16:25 | | Subject: | California | | Viewed: | 128 times | | Topic: | Taxes | |
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| Hi I am getting ready to open a store and am based in California. I am doing
this as a side gig but hopefully will turn more then $600. My question is, what
do I need to know about setting this up? From what I have read it looks like
I have to set up a small business and submit profits and loss. Has anyone done
this? I feel like when I look it up online I have to fish though the scams to
find the correct info. I just want to make sure I am not screwed at tax time
if I am able to be successful. Thanks to anyone who helps. I am really excited
about this.
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| | | | | Author: | wildchicken13 | | Posted: | May 20, 2023 22:54 | | Subject: | Re: California | | Viewed: | 62 times | | Topic: | Taxes | |
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| In Taxes, crazy4sixflags writes:
| | Hi I am getting ready to open a store and am based in California. I am doing
this as a side gig but hopefully will turn more then $600. My question is, what
do I need to know about setting this up? From what I have read it looks like
I have to set up a small business and submit profits and loss. Has anyone done
this? I feel like when I look it up online I have to fish though the scams to
find the correct info. I just want to make sure I am not screwed at tax time
if I am able to be successful. Thanks to anyone who helps. I am really excited
about this.
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Welcome to BrickLink! I don't know what the laws are for California, but
as far as I'm aware, there's no need to incorporate as a business. However,
you will most likely have to declare your business income on your tax return.
There are multiple ways to do that and you may want to speak to an accountant
to figure out what option is best for you. As a small store with only a few hundred
dollars per year in sales, I typically use the standard worksheets provided by
the IRS (Schedules 1 and C).
Hope that helps.
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| | | | | | | Author: | ABakersBrick | | Posted: | May 21, 2023 09:49 | | Subject: | Re: California | | Viewed: | 49 times | | Topic: | Taxes | |
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| Thank you so much! I am very excited and nervous about all of this.
In Taxes, wildchicken13 writes:
| | In Taxes, crazy4sixflags writes:
| | Hi I am getting ready to open a store and am based in California. I am doing
this as a side gig but hopefully will turn more then $600. My question is, what
do I need to know about setting this up? From what I have read it looks like
I have to set up a small business and submit profits and loss. Has anyone done
this? I feel like when I look it up online I have to fish though the scams to
find the correct info. I just want to make sure I am not screwed at tax time
if I am able to be successful. Thanks to anyone who helps. I am really excited
about this.
|
Welcome to BrickLink! I don't know what the laws are for California, but
as far as I'm aware, there's no need to incorporate as a business. However,
you will most likely have to declare your business income on your tax return.
There are multiple ways to do that and you may want to speak to an accountant
to figure out what option is best for you. As a small store with only a few hundred
dollars per year in sales, I typically use the standard worksheets provided by
the IRS (Schedules 1 and C).
Hope that helps.
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| | | | | Author: | TravelBound | | Posted: | May 21, 2023 10:32 | | Subject: | Re: California | | Viewed: | 56 times | | Topic: | Taxes | |
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| In Taxes, crazy4sixflags writes:
| | Hi I am getting ready to open a store and am based in California. I am doing
this as a side gig but hopefully will turn more then $600. My question is, what
do I need to know about setting this up? From what I have read it looks like
I have to set up a small business and submit profits and loss. Has anyone done
this? I feel like when I look it up online I have to fish though the scams to
find the correct info. I just want to make sure I am not screwed at tax time
if I am able to be successful. Thanks to anyone who helps. I am really excited
about this.
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Be sure to track all of your expenses. These will be deducted from your sales
to reduce your tax owed.
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USA, California
